Gold Lingers Around $1790 Per Ounce

Published on Dec 08, 2021 17:49

Gold futures edged up as ETF buying returned to support the market. COMEX Gold currently trades up 0.29% at $1790 per ounce. The World Gold Council (WGC) noted in a latest update that Gold-backed ETFs (gold ETFs) experienced net inflows of 13.6 tonnes (t) (US$838mn, 0.4% AUM) in November, the first month of positive flows since July. Inflows into North America and Europe well exceeded outflows from Asia, which saw negative flows for the first time since May. Global gold ETF holdings rebounded from year-to-date lows, increasing to 3,578t (US$208bn) as investment demand for larger gold ETFs returned amid decades-high inflation and heightened market volatility.